Description: Global Economic Prospects 2009 : Commodities at the Crossroads

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Global Economic Prospects 2009 : Commodities at the Crossroads

The release of this year's global economic prospects finds the world economy at a crossroads. Markets all over the world are engulfed in a global economic crisis, with stock markets sharply down and volatile, almost all currencies having depre...

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Bibliographic Details
Main Author:	World Bank
Language:	English
Published:	World Bank 2012
Subjects:	ALTERNATIVE ENERGIES ASSET CLASS BALANCE OF PAYMENT BALANCE OF PAYMENTS BALANCE SHEETS BANK ASSETS BANK BORROWING BANK DEBT BANK HOLDING BANK LINKAGES BANK POLICY BANKING CRISIS BANKING SECTOR BANKING SECTORS BANKING SYSTEM BANKRUPTCY BASIS POINTS BINDING CONSTRAINTS BOND BOND INDEX BOND MARKETS BOND SPREADS BONDS CAPITAL BASES CAPITAL FLOWS CAPITAL INFLOWS CARBON EMISSIONS CASH TRANSFERS CENTRAL BANK CENTRAL BANKS COMMERCIAL BANK COMMERCIAL BANK LENDING COMMERCIAL BANKS COMMERCIAL PAPER COMMERCIAL PAPER MARKETS COMMODITIES COMMODITY COMMODITY EXPORTS COMMODITY PRICE COMMODITY PRICES CONSUMER PRICE INDEX COPYRIGHT CLEARANCE COPYRIGHT CLEARANCE CENTER CORPORATE BONDS COUNTRY FORECASTS CREDIT MARKETS CURRENCY CRISES CURRENT ACCOUNT BALANCES CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT SURPLUS CURRENT ACCOUNT SURPLUSES DEBT DEPOSIT DEPOSITS DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPING ECONOMIES DOLLAR PRICE DOLLAR PRICES DOMESTIC BANKING DOMESTIC CREDIT DOMESTIC MARKETS DOMESTIC PRICES ECONOMIC CRISIS ECONOMIC DEVELOPMENTS EMERGING MARKET EMERGING MARKET ASSETS EMERGING MARKET BOND EMERGING MARKET EQUITIES EMERGING MARKETS EMERGING-MARKET EQUIPMENT EQUITIES EQUITY CAPITAL EQUITY FLOWS EQUITY INVESTORS EQUITY MARKET EQUITY MARKETS EQUITY PRICES EQUITY STAKE EXCESS SUPPLY EXCHANGE RATE EXCHANGE RATES EXPORT CREDITS EXPORT GROWTH EXPORTERS EXPOSURE FEDERAL RESERVE FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTORS FINANCIAL SYSTEM FINANCIAL SYSTEMS FISCAL BURDEN FOOD PRICE FOOD PRICES FOOD PRODUCTION FOREIGN CAPITAL FOREIGN DIRECT INVESTMENT FUTURE CONTRACTS GLOBAL ECONOMIC PROSPECTS GLOBAL ECONOMY GLOBAL
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20090108221008 http://hdl.handle.net/10986/2581

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Summary:	The release of this year's global economic prospects finds the world economy at a crossroads. Markets all over the world are engulfed in a global economic crisis, with stock markets sharply down and volatile, almost all currencies having depreciated substantially against the dollar, and risk premiums on a wide range of debt having increased by 600 or more basis points. Commodity markets too have turned a corner. Following several years of increase, prices have plummeted, and although well above their 1990s levels, they have given up most of the increases of the past 24 months. Chapter one of this report examines the medium-term implications of this crisis for developing-country growth, inflation, and world trade. Chapter two looks at longer-term supply and demand prospects in commodity markets. It takes into account the long-term growth prospects of developing countries and their rising share in world GDP (gross domestic product), the declining quality of new pools of resources, and the influence of technology on both demand and supply. Finally, chapter three reports on the poverty impacts of high commodity prices and examines the effectiveness of policies in both producing and consuming countries in dealing with the challenges posed by periodic bouts of high commodity prices.